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A and B:in final settlement.16. Pass Journal entries for payment of following unrecorded liabilities on the dissolution of a firm of partners(a) There was a contingent liability in respect of bills discounted but not matured of 18.500. An acceptorof one bill of = 2,500 became insolvent and fifty paise in a rupee was recovered. The liability of the firmon account of this bill discounted and dishonoured has not so far been recorded.(b) There was a contingent liability in respect of a claim for damages for 75,000, such liability was settledfor 50,000 and paid by the partner A.(c) Firm will have to pay 10,000 as compensation to an injured employee, which was a contingent liabilitynot accepted by the firm.(d) 5,000 for damages claimed by a customer has been disputed by the firm. It was settled at 70% by acompromise between the customer and the firm. |
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Answer» I don't KNOW this |
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